Chinese ride-hailing giant, Didi Chuxing, will start trading on the over-the-counter (OTC) market on Monday, while the trading symbol will change from Didi Global to DIDIY after its delisting from the New York Stock Exchange (NYSE).

 

DIDIY will take effect at the opening of business on June 13, according to a statement issued by the Options Clearing Corporation on June 10, the world’s largest equity derivatives clearing organizations.

 

June 10 marks the last trading day of Didi on the NYSE, closing at $2.29 per share and down 2.97 percent. The company’s total market capitalization remained at $11.16 billion.

 

Even though the OTC market is less active, Didi is not the first company opt to trade there.

 

Luckin Coffee has shifted to the market after its voluntary delisting from the US stock market, which however further activated the trading atmosphere in the OTC market as investors still held shares, domestic news portal eeo.com.cn reported.

 

Data shows that the closing price for Luckin Coffee was $1.38 per share on June 26, 2020, its last trading day on the NASDAQ exchange. The share price surged 11 percent at its first trading day after switching to the OTC market, and the share price continued to grow, stabilizing in the range of $12 to $17 per share.

 

Didi announced on May 23 to delist from the NYSE, which got listed in the US in June 2021 without getting approval from Chinese regulatory authorities, sparking concerns over leaking of Chinese users’ information.

 

Global Times